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Daily Market Commentary

Bond prices are attempting to steady with the global benchmark US 10 year note clinging to 5.13%. At one point during last week's meltdown, the Bond reached 5.25%, a yield not seen since 2002. Market jitters have subsided somewhat; although previous bulls have backed down from their Fed Funds decline forecast, few believe that that the Fed will raise rates.

 

 The yield curve has gone ominously positive. It is worth pointing out that US 10 year notes are 57 basis points higher than German Bunds and are deeply oversold.

 

 As to Canada, new house prices soared by .8% while capacity utilization rose to 83%, further turning the vise on the Bank of Canada.

 

 This week brings a veritable slew of market moving economic data , the biggies of which are PPI and CPI, the Beige Book and retail sales. Fasten your seatbelts!

 

 



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